skills/bigdata-investment-memo/assets/report-template.md

# Investment memo — report template

Follow this structure. Keep the section order. Where a table or section has no data, write "Not available" rather than dropping it. Add inline citations `[1]`, `[2]` immediately after claims, hyperlinked to the document URL.

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# [COMPANY NAME] ([TICKER])

## Investment Thesis

**Recommendation:** [BUY / HOLD / SELL] | **Conviction:** [1-5] | **Price Target:** $XX (+XX%)

### Executive Summary

[2-3 sentences: What is the thesis? What is the variant perception? What is the risk-reward?]

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## Key Metrics

| Metric | Current | 1Y Ago | Industry |
|--------|---------|--------|----------|
| EV/EBITDA | | | |
| P/E (NTM) | | | |
| FCF Yield | | | |
| ROIC | | | |
| Debt/EBITDA | | | |
| [Sector KPI 1] | | | |
| [Sector KPI 2] | | | |

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## Investment Thesis

### The Opportunity

[What is mispriced and why? What does the market misunderstand?]

### Variant Perception

**Consensus View**: [What does the market believe?]

**Our View**: [How do we differ?]

**The Gap**: [Specific disagreement with quantification]

### Key Value Drivers

1. **[Driver 1]**: [Description and impact]
2. **[Driver 2]**: [Description and impact]
3. **[Driver 3]**: [Description and impact]

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## Business Overview

### Company Description

[What does the company do? Revenue segments, geographic mix, business model]

### Competitive Position

**Moat Type**: [Network effects / Switching costs / Cost advantages / Intangibles / Efficient scale]

**Moat Strength**: [Wide / Narrow / None]

**ROIC vs. WACC**: [Spread and trend]

**Market Position**: [#X in market, share trend]

### Management Assessment

**Capital Allocation Track Record**: [Rating and evidence]

**Insider Ownership**: [% and recent transactions]

**Guidance Accuracy**: [History of beats/misses]

**Overall Rating**: [Strong / Adequate / Weak]

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## Financial Analysis

### Quality of Earnings

| Metric | Value | Assessment |
|--------|-------|------------|
| OCF/Net Income | | [Healthy/Caution/Warning] |
| Accrual Ratio | | |
| DSO Trend | | |
| Beneish M-Score | | [<-2.22 Low Risk / >-1.78 High Risk] |

**Red Flags Identified**: [List any concerns or "None identified"]

### Historical Performance

| Metric | 5Y CAGR | Trend |
|--------|---------|-------|
| Revenue | | |
| EBITDA | | |
| EPS | | |
| FCF | | |

### Balance Sheet

**Leverage**: [Debt/EBITDA, Interest Coverage]

**Liquidity**: [Current Ratio, Cash Position]

**Off-Balance Sheet Items**: [List or "None material"]

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## Valuation

### Scenario Analysis

| Scenario | Probability | Price Target | Return | Key Assumptions |
|----------|-------------|--------------|--------|-----------------|
| Bull | XX% | $XX | +XX% | [Key assumption] |
| Base | XX% | $XX | +XX% | [Key assumption] |
| Bear | XX% | $XX | -XX% | [Key assumption] |
| **Expected Value** | **100%** | **$XX** | **+XX%** | |

### Base Case Assumptions

| Input | Assumption | Rationale |
|-------|------------|-----------|
| Revenue CAGR (5Y) | | |
| Terminal EBITDA Margin | | |
| WACC | | |
| Terminal Growth | | |
| Exit Multiple | | |

### Sensitivity Analysis

| Growth \ WACC | 8% | 9% | 10% | 11% | 12% |
|---------------|----|----|-----|-----|-----|
| 2% | | | | | |
| 3% | | | | | |
| 4% | | | | | |
| 5% | | | | | |

### Valuation Cross-Check

| Method | Implied Value | vs. Current |
|--------|--------------|-------------|
| DCF | $XX | +XX% |
| EV/EBITDA (peer median) | $XX | +XX% |
| P/E (peer median) | $XX | +XX% |
| Reverse DCF implied growth | X% | vs. our X% |

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## Risks

| Risk | Probability | Impact | Mitigation |
|------|-------------|--------|------------|
| [Risk 1] | [H/M/L] | [H/M/L] | [How addressed] |
| [Risk 2] | [H/M/L] | [H/M/L] | [How addressed] |
| [Risk 3] | [H/M/L] | [H/M/L] | [How addressed] |

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## Catalysts

| Catalyst | Timeline | Impact | Probability |
|----------|----------|--------|-------------|
| [Catalyst 1] | [Date/Range] | [H/M/L] | [H/M/L] |
| [Catalyst 2] | [Date/Range] | [H/M/L] | [H/M/L] |

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## What Would Change Our View

**Bullish Thesis Invalidated If**:
- [Specific condition 1]
- [Specific condition 2]

**Key Monitoring Points**:
- [Metric/event to watch]
- [Metric/event to watch]

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## Sources

- [Company filings: 10-K, 10-Q, 8-K dates]
- [Earnings transcripts]
- [Industry reports]
- [News sources]

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## Footer

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## Disclaimer

This output is for informational and research-assistance purposes only. It does **not** constitute investment, legal, tax, accounting, or other professional advice, and it is **not** a recommendation to buy, sell, or hold any security or instrument or to pursue any strategy. Information may be incomplete, estimated, delayed, or inaccurate. Past performance does not guarantee future results. Verify material facts independently and consult qualified advisors before making decisions.

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## Footer rule

The **Powered by Bigdata.com** line and the **Disclaimer** block above are mandatory and must be reproduced **verbatim**, after the Sources section, in every user-facing deliverable.